To utilize internal resources, rise to new heights

At the end of 2019, the complicated global and regional context created many difficulties and challenges to Binh Duong province. However, with solidarity spirit and determination of the entire political system, business community and people of the province, the socio-economic situation, national defense and security of Binh Duong continued to change positively, achieved quite comprehensive results across all fields. This is the internal strength for Binh Duong to reach new heights in the future...

The formed IPs attracts more and more domestic and foreign investors into Binh Duong, which is the internal strength for Binh Duong to reach new heights. In photo: A corner of My Phuoc 1 Industrial Park, Ben Cat Town.

Many showings ascend well

In overall, the economic picture of Binh Duong province in 2019 comprised many bright colors. Year-end statistics proved this. The province achieved and exceeded most targets of the year, many of which exceeded the plan for the whole 2015-2020 tenure of Provincial Party Committee. Notably, GRDP growth rate was 9.5% (target was 8.5%); Per capita income reached VND 146.9 million, an increase of VND 16.1 million compared to 2018.

With continuous efforts to improve the investment environment to be more and more open, focus on quality, at the same time to complete and upgrade the infrastructures for industrial, urban and service development, the province continued to be a favorite destination of domestic and foreign investors. In 2019, the whole province had 1,264 industrial production enterprises. This result contributed to the increase of provincial industrial index (IIP) of 9.86% compared to 2018. Currently, the proportion of industrial production in the province's economic structure reaches 66.8%; the industrial production situation continued to develop, shifting internally in a positive direction; Processing and manufacturing industries play an important role in the industry. This is a trend to ensure sustainable development and heighten added value of the province's industrial production.

2019 also recorded a strong growth in the field of trade - services. Accordingly, in 2019, the total retail sales of goods and service revenue of the province was estimated at VND 227,805 billion, up 19.2% compared to 2018, reaching 101% compared to the 2018 target. This is the highest growth rate in the last 5 years of the industry.

In parallel with the implementation of the key tasks, the Party Committee, authorities and the people in the province also completed the task of new rural construction a year earlier than planned. It can be said that the national target program on new rural construction not only brings a new breath of life, a new face to rural areas of the province but also changes people's lives. Binh Duong is one of the first 8 provinces and cities of the country with 100% of communes recognized to meet new rural standards.

At present, localities in the province continue to fulfill the new advanced rural standards. The province strives to have from 12 to 15 communes meeting the new and advanced rural standards by the end of 2020. On average, each district and town has from 2 to 3 communes meeting the new and advanced rural standards.

FDI attraction exceeds the plan

According to the latest statistics, in 2019 Binh Duong attracted 3.2 billion USD of FDI capital. From the beginning of this tenure, the province has attracted nearly 11.5 billion USD, exceeding 4.5 billion USD of FDI capital compared to the target set by the Tenth Provincial Party Resolution. Up to now, the whole province has 3,753 valid FDI projects with a total registered capital of $34.23 billion (ranked second in the country in terms of FDI attraction, just behind Ho Chi Minh City).

The highlight of FDI attraction of the province in recent years is the province's focus on attracting investment from strong potential partners and large economic groups and corporations in the world, and prioritizing foreign investments of high-tech, advanced, industries have high added values, less labor-intensive and environmentally friendly. In addition, the province continued to focus on developing supporting industries, participating in global value chains. According to Trần Thanh Liêm, Chairman of Provincial People's Committee, in the coming time, the province would continue to invest in synchronous socio-economic infrastructure for industrial, urban and service growth. Additionally, the province constantly improves and form an open, favorable and friendly investment environment; enhances investment promotion, introduction and promotion of the province's image; effectively implements smart city construction project according to the set roadmap.

Export activities of the province in 2019 continued to reap many good results, with a turnover of 28 billion USD, up 15.6%; trade surplus reached nearly 7 billion USD. Since the beginning of the term, the province's trade surplus has been over 30 billion USD. This is a significant figure in the complicated world and regional context with many developments affecting our country in general and Binh Duong in particular.

Binh Duong achievements in economic development in 2019 not only prove the efforts of all levels, sectors, business communities and people of all strata, but also are the foundation for the province to rise up to new heights, successful implementation of the planned targets in 2020, contributing to the highest achievement of socio-economic development set by the Tenth Provincial Party Resolution.

Reported by Tri Dung - Translated by Ngoc Huynh